Vogue Business

Luxury’s big geographical pivot to Asia

Luxury’s big geographical pivot to Asia

Brands will focus investments in APAC and work on maintaining their presence in Europe, as the United States and Hong Kong drop into the background

  • settembre 09, 2020
  • Tempo di lettura min.

Vogue Business

Luxury’s big geographical pivot to Asia

Luxury store portfolios will be vastly different in five years’ time, as brands pivot away from waning American and European locations to chase cash-rich millennials in Asia. Luxury brands are opening fewer offline locations overall, cutting spending and renegotiating leases to limit the damages brought by Covid-19. The exception is in China, where new stores are needed to meet the demand of high-spending luxury customers.

Bain expects Chinese local spend to account for up to 28 per cent of global luxury consumption by 2025, up from 11 per cent in 2019, and brands are planning to change their retail footprint accordingly.

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